10-26-92 Council Meeting Minutes

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42 REGULAR MEETING OCTOBER 26, 1992 WHEREAS, the Human Resources and Economic Development Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the COMMON COUNCIL of the City of South Bend, Indiana, as follows: Section I. The Common Council hereby determines and finds pursuant to Indiana Code 6 -1.1- 12.1 -4.5, that; (a) the estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; (b) the estimate of the number of individuals that will be expected to result from the proposed installation of new manufacturing equipment; (c) the estimate of the annual salaries of those individuals who will be reasonably expected to result from the proposed installation of new equipment; (d) any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed installation of new manufacturing equipment; and (e) the totality of benefits is sufficient to justify the deduction requested. SECTION II. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits as set forth in Section 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that the Statement of Benefits Form completed by the Petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -4.5. SECTION III. The Common Council hereby accepts the report and recommendation of the Department of Economic Development, and the Human Resources and Economic development Committee's favorable recommendation, that the area herein described be designated as Economic Revitalization Area for purposes of personal property tax abatement and hereby makes such a designation, SECTION IV. The Common Council determines that such designation is for personal property tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION V. The Common council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years. SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution to be published pursuant to Indiana Code 5 -3 -1, said publication providing notice of the public hearing before the Common Council on said declaration. SECTION IX. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s/ Stephen Luecke Member of the Common Council RESOLUTION NO. 1980 -92 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 4300 QUALITY DRIVE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN (10) YEAR REAL PROPERTY TAX ABATEMENT FOR ACCURIDE INDIANA, INC. Whereas, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana, requesting that the area commonly known as 4300 Quality Drive, South Bend, Indiana, and which is more particularly described as follows: Lot Numbered Eight (8) as shown on the recorded Plat of Landmark Business Park, Section Six, Part One, recorded October 19, 1989, in the Office of the Recorder of St. Joseph County, Indiana, as Instrument No. 8928004. Parcel II: A Tract of land in the North Half of Section 19, Township 38 North, Range 2 East, City of South Bend, German Township, St. Joseph County, In diana, said tract being more particularly described as follows: Commencing at the north Quarter corner of said Section 19; Thence South OOo54138" along the East line of said Northwest Quarter 119.75 feet to the South right -of -way line of Brick Road; thence North 880 47124" West on and along said South line a distance of 845.29 feet; thence South OOo52 -54" East a distance of 679.54 feet, said point being the true place of beginning; thence continuing South OOo52104" East a distance of 175.75 feet to PC of a 25.00